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Decision CRTC 2001-378
Ottawa, 3 July 2001
BY FAX: (613) 230-6423
Mr. Joel R. Fortune
Johnston & Buchan
Barristers & Solicitors
275 Slater Street
Suite 1700
Ottawa, Ontario
K1P 5H9
Re: Application No. 2001-0628-8 - Approved
Transfer of shares and control, estate purposes - CJRN 710 Inc., licensee of radio programming undertaking CJRN, Niagara Falls, and CKEY-FM, Fort Erie/ Niagara Falls and its rebroadcaster CKEY-FM-1, St. Catharines, requests authority to transfer the voting shares held by the late Mr. Keith Dancy, in Niagara Broadcasting Corporation to family members.
Dear Sir:
The Commission approves the above-noted application requesting authority to effect a change in the ownership of CJRN 710 Inc., a wholly owned subsidiary of Niagara Broadcasting Corporation. CJRN 710 Inc. is the licensee of radio programming undertaking, CJRN, Niagara Falls, and CKEY-FM, Fort Erie/ Niagara Falls and its rebroadcaster CKEY-FM-1, St. Catharines, Ontario. 788813 Ontario Inc., licensee of CFLZ-FM, Niagara Falls, Ontario is a wholly owned subsidiary of CJRN 710 Inc.
This ownership change in Niagara Broadcasting Corporation occurred as a result of the death of Mr. Dancy on May 6, 2001. For estate purposes, Mr. Dancy transferred 90,000 Class A shares and 905,848 Class B shares to Ms. Jeannine Dancy and 126,515 Class B shares to Mr. David Dancy and also the same amount and type to Ms. Audrey Dancy on May 5, 2001. The Voting Agreement between Mr. Dancy and certain other shareholders in Niagara Broadcasting Corporation has also terminated in accordance with its terms.
Due to the aforementioned events, no single shareholder holds or otherwise has the right to vote, more than 50% of the shares of Niagara Broadcasting Corporation. Effective control of Niagara Broadcasting Corporation resides with the board of directors, of which Mr. David Dancy is the only director. The Dancy family will continue to hold a majority of the voting shares in Niagara Broadcasting Corporation.
The Commission will modify its ownership records to reflect the new ownership of Niagara Broadcasting Corporation, as shown in the attached appendix. All letters of approval issued by the Commission are made available for public examination at the Commission's Central Office. The Commission also requires you to append this letter of approval to your licence.
Yours sincerely,
Ursula Menke
Secretary General
Att.
c.c. CJRN 710 Inc.
Appendix
788813 Ontario Inc.
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Shareholder
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Type
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# held
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% of vote
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CJRN 710 Inc.
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Common
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200
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100%
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CJRN 710 Inc.
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Shareholder
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Type
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# held
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% of vote
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Niagara Broadcasting Corporation
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Common
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10,100
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100%
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Niagara Broadcasting Corporation
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Special Class A
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800
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N/A
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Niagara Broadcasting Corporation
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Special Class B
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10
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N/A
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Niagara Broadcasting Corporation
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Shareholder
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Type
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# held
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% of vote
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Jeannine Dancy
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Class A
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180,000
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3.6%
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Jeannine Dancy
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Class B
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2,064,725
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40.8%
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David Dancy
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Class B
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402,515
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8.0%
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Audrey Dancy
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Class B
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402,515
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8.0%
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Grant Broadcast Holdings Limited
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Class B
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464,619
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9.2%
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David Macdonald
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Class B
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549,412
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10.8%
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Joanne Macdonald
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Class B
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549,412
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10.8%
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Ian Macdonald
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Class B
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13,751
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0.3%
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Others
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Class B
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428,018
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8.5%
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Date Modified: 2001-07-10
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